A loan that provides for the full payment of the principal over the life of the loan is
Unit 12 Review

Quiz
•
Business
•
12th Grade
•
Hard
Michael Bosco
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an amortized loan
a reverse mortgage
a balloon payment
an indexed loan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A loan in which the borrower makes only interest payments is called
a straight loan
a fixed-rate loan
an adjustable-rate mortgage
a reverse mortgage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of law limits the interest rate that is allowed to be charged?
a usury law
trustee law
statute of frauds
contract law
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A prospective buyer needs to borrow money to buy a house. The buyer applies for and obtains a real estate loan from a mortgage company. Then the buyer signs a note and a mortgage. In this example, the mortgage company is
the mortgagor
the vendor
the mortgagee
the beneficiary
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many square feet are in an acre of land?
40,450 sq ft
20,560 sq ft
49,110 sq ft
43,560 sq ft
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a similarity between an open listing and an exclusive agency listing?
Each grants a commission to any broker who procures a buyer for the seller’s property
Under each, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not obtain
Each grants the exclusive right to sell to whatever broker produces a buyer for the seller’s property
Under each, the broker earns a commission regardless of who sells the property, as long as it is sold within the listing period
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A seller sold property to a neighbor without the services of a real estate broker; however, the seller still owes a broker a commission because the seller signed
a net listing agreement
an exclusive agency listing agreement
an open listing agreement
an exclusive right-to-sell listing agreement
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